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    Day Trading for Beginners & Dummies: How to Be Your Own Boss
    Day Trading for Beginners & Dummies: How to Be Your Own Boss
    Day Trading for Beginners & Dummies: How to Be Your Own Boss
    Ebook48 pages45 minutes

    Day Trading for Beginners & Dummies: How to Be Your Own Boss

    By Glenn Nora

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    About this ebook

    The stock market is one of the best day trading environments, because it has very few regulations for new traders. As long as you have a stable internet connection, a computer and a little cash, you can freely join other day traders. However, doing this does not assure you of profits. Quite a number of things need to be accomplished before you can celebrate success.

    Intraday trading has the capacity to help you attain a big leverage, as the rate of return on your investments can be quite high. However, it can also go the other way and cause you to lose out on a lot of money to poor investments. It is up to you to make the right choices and invest your money wisely. 

    LanguageEnglish
    PublisherGlenn Nora
    Release dateDec 17, 2019
    ISBN9781393082453

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      Book preview

      Day Trading for Beginners & Dummies - Glenn Nora

      Introduction

      Most day traders work from home, on their own time, with their own resources. People who trade from home are referred to as retail traders. Since this is probably going to be your situation as a novice day trader, let’s go over the things you need to get started with day trading: 

      Capital: it’s a cliché: you need to have money to make money. But, it’s true. To start day trading, you will need to have some money to get started - whether that’s a few hundred dollars or a few thousand. How much capital you need depends on how you plan to trade, and what type of assets you plan to trade in. Most brokerage firms will have a minimum balance requirement before you get started.

      Under general rule, you can start with as little or as much as you can afford to invest in order to day trade stocks. However, it is recommended to start with capital you are comfortable with.

      One more thing on capital: you should only invest with money that you can afford to lose. While it’s possible to make huge profits as a day trader, trading is inherently risky, and you have to be prepared to lose everything you put in. However, by carefully planning and following the guidance in this book, you can minimize the chance of disaster and find the path to profitability. 

      A Day Trading Brokerage: in order to trade stocks or most other assets, you’ll need to create an account with a brokerage firm. Your broker is your connection to the market. While many large banks operate investment accounts that you could use for day trading, you probably want to get set up with a brokerage that targets day traders using an account that’s designed for day trading. 

      While picking a brokerage is very important, it shouldn't be the first decision you make as a new trader. First, you should decide on a trading plan, familiarize yourself with stock charts and the tools described in this book, and only then should you look at brokerage accounts to see which firm best matches your needs and your trading plan.

      Chapter 1: Day Trading Explained

      Day trading is the purchasing and selling of securities within a single trading day in any marketplace such as stock markets and foreign exchange (FOREX) to make a profit. To succeed in day trading, it not only means acquiring large chunks of profits, but also the knowledge and emotional fortitude to day trade through good and bad trades.

      The stock market is one of the best day trading environments because it has very few regulations for new traders. As long as you have a stable internet connection, a computer, and a little cash, you can freely join other day traders. However, doing this does not assure you of profits. Quite a number of things need to be accomplished before you can celebrate success.

      The stock market is a vast place and there are millions of trades that take place all over the world, within a single

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